Bismuth Market Size was valued at USD 0.41 Billion in 2023. The Bismuth industry is projected to grow from USD 0.43 Billion in 2024 to USD 0.61 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.47% during the forecast period (2024 - 2032). The booming personal care sector, rising cosmetics expenditure, and rising end-use industry demand are the key market drivers contributing to the market’s growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising end-use industry demand drives the market CAGR for bismuth. The growing use of Bismuth in the automobile sector to preserve corrosion coatings, brake linings, and other components is projected to drive the marketplace. Bismuth consumption is increasing, driving market expansion throughout the projected timeframe and rising tungsten output when Bismuth is removed from it and acquired as a by-product following lead manufacturing, boosting market expansion. The need for beauty is increasing, resulting in an intense market for Bismuth, which is often utilized in the goods, giving the goods a shimmering aspect. It is primarily utilized in power goods and talcum powder, and more than half of women use cosmetics that contain it, increasing the Bismuth Industry Worth. The internet as a whole has recently received a lot of attention. As expectations of beauty rise, companies are making investments in social media influential people, which encourages individuals to buy cosmetics and make-up, resulting in substantial market expansion. The most obvious explanation is the massive online presence of cosmetics and beauty prominent individuals.
Additionally, the increased usage of Bismuth in battery systems is projected to provide several business possibilities. Bismuth's rising use as a thermoelectrical element in refrigeration and energy manufacturing will likely present the bismuth market with several potential prospects. The increasing usage of Bismuth in numerous refrigeration systems and the electricity-producing method is driving market expansion, and the industry will expand rapidly over the projection period. Bismuth is widely used in a variety of commodities across the world, and the usage of Bismuth in cosmetics is fueling market expansion.
Covid 19 has had a significant impact on several industries. It alters people's lifestyles as well as corporate processes and situations all over the world. The pandemic caused the sector to decline and caused significant losses among industry owners. Because of the spread of the virus, authorities forced territories and businesses to stop, as well as a closure and quarantine order, which had a detrimental influence on the market. Many businesses utilize Bismuth to process other commodities; however, manufacturing and production sectors were halted during the worldwide pandemic, affecting the Bismuth market. Therefore, the supply of raw materials decreased, and specialists were also unavailable owing to the underlying circumstances. However, with the introduction of vaccinations, the globe is recovering, and industries are catching up. The Bismuth market position is predicted to increase throughout the projected timeframe.
For instance, as per the National Cancer Institute, the United States will have around 1,735,350 new cancer cases and 609,640 fatalities in 2021. The increasing incidence of such chronic diseases and the need for imaging for diagnosis contributes to market expansion. Thus, it is anticipated that demand for Bismuth will increase throughout the projection timeframe due to the rising End-use industry demand. Thus, driving the Bismuth market revenue.
The Bismuth market segmentation, based on Derivatives, includes Bismuth Nitrate, Bismuth Oxide, Bismuth Oxychloride, Bismuth Subnitrate, Bismuth Sub Carbonate, and Bismuth Aluminate. The bismuth oxychloride category is expected to grow significantly faster than the average market growth rate during the projected timeframe. Bismuth Oxychloride is used in the formulation of a wide range of cosmetic and personal care goods, including make-up, nail care, cleaning, scent, and hair colour products.
The Bismuth market segmentation, based on End-Use Industry, includes Pharmaceuticals, Cosmetics and Pigments, Electronics, Automotive, and Others. The pharmaceuticals category generated the highest revenue of about 51% (USD 0.2 billion). Bismuth derivatives have long been used in the pharmaceuticals sector primarily for treating intestinal conditions. It has antibacterial and anti-cancer properties besides its renowned gastroprotective capabilities and efficacy in treating an infection with Helicobacter pylori.
Figure 1: Bismuth Market by End-Use Industry, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Bismuth market area will dominate this market, owing to an increase in the number of cosmetic procedures and pharmaceutical sectors contributing significant growth in the overall market. In addition, the expanding demand in the end-use industries such as electronics, medicine, and transportation will boost the market growth in this region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Bismuth Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Bismuth market accounts for the second-highest market share due to rapid urbanization and ongoing industrialization, which will boost overall market demand; Further, the German Bismuth market holds the largest market share, and the UK Bismuth market is expected to grow significantly in the European region during the projected timeframe.
The Asia-Pacific Bismuth Market is expected to grow and expand rapidly during the projected timeframe. This is because the region is seeing expansion in the cosmetic sector and a sudden move to Bismuth instead of lead-based free machine steel in significant locations. Moreover, China’s Bismuth market dominates the market share, and the Indian Bismuth market is anticipated to grow steadily in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and development (R&D) to scale up their manufacturing units and product lines, which will help the Bismuth market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Bismuth industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the key business strategies organizations use in the Bismuth industry to benefit customers and capture untapped market share and revenue. The Bismuth industry has recently offered significant advantages to the pharmaceutical industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Bismuth market, including 5N Plus(Canada), Omkar Speciality Chemicals Ltd. (India), Merck KGaA (Germany), Hunan Jinwang Bismuth Industry Co. Ltd (Hong Kong), Peñoles (Mexico), Nui Phao Mining Joint Venture Co.Ltd (Vietnam), Fortune Minerals Ltd (Canada), Xianyang Jump Hua Bismuth Industry Co. LTD (China), Zhuzhou Keneng New Material Co., Ltd.(China), Western Minmetals (SC) Corporation (China) and SHENZHEN CHINARY CO. LTD (China), are attempting to expand market share and demand by investing in research and development (R&D) operations to produce sustainable and affordable solutions.
Endo International is a publicly traded corporation that specializes in providing healthcare solutions. The organization develops, manufactures, markets, and distributes medical items and generic medications. Endo International sells its goods to healthcare and medical businesses worldwide. They declared in March 2023 that a single of its functioning businesses, Par Pharmaceutical started transporting the initial generic formulation of Allergan's Pylera® 140 /125 mg and 125 mg pills in the USA, adhering to the final authorization of its abbreviated Fresh medication Implementation by FDA.
Shepherd Color is a renowned worldwide supplier and manufacturer of complicated inorganic color pigments. These pigments are coloring agents that have been meticulously designed. In April 2021, Shepherd Color announced the launch of its newest Digital Exhibition with the debut of Bismuth Vanadate Yellow. It is widely used in outstanding performance yellow color matching & has widespread approval from regulators, and is included in the chemistry registry. It can additionally be employed in polymer or plastic technology, especially thin films and fibers.
March 2023: Endo International plc declared in March 2023 that a single of its functioning businesses, Par Pharmaceutical started transporting the initial generic formulation of Allergan's Pylera® 140 /125 mg and 125 mg pills in the USA, adhering to the final authorization of its abbreviated Fresh medication Implementation by FDA.
March 2022:Â OFS and Viavi Solutions revealed cooperation on an evaluation and measurement-focused amplification built around an innovative OFS Bismuth-doped fiber that could be manufactured in large enough quantities to fulfill the increasing need for 400/800GbE testing applications.
April 2021: Shepherd Colour announced the launch of its newest Digital Exhibition with the debut of Bismuth Vanadate Yellow. It is widely used in outstanding performance yellow color matching & has widespread approval from regulators, and is included in the chemistry registry. It can additionally be employed in polymer or plastic technology, especially thin films and fibers.
| Attribute/Metric | Details |
| Market Size 2023 | USD 0.41 Billion |
| Market Size 2024 | USD 0.43 Billion |
| Market Size 2032 | USD 0.61 Billion |
| Compound Annual Growth Rate (CAGR) | 4.47% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Derivatives, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |  5N Plus(Canada), Omkar Speciality Chemicals Ltd. (India), Merck KGaA (Germany), Hunan Jinwang Bismuth Industry Co. Ltd (Hong Kong), Peñoles (Mexico), Nui Phao Mining Joint Venture Co.Ltd (Vietnam), Fortune Minerals Ltd (Canada), Xianyang Jump Hua Bismuth Industry Co. LTD (China), Zhuzhou Keneng New Material Co., Ltd.(China), Western Minmetals (SC) Corporation (China) and SHENZHEN CHINARY CO. LTD (China) |
| Key Market Opportunities | The booming personal care sector and rising cosmetics expenditure will likely drive market demand. |
| Key Market Dynamics | End-use industry demand has gone up |
Bismuth Market Highlights:
Frequently Asked Questions (FAQ) :
The Bismuth Market size was valued at USD 0.41 Billion in 2023.
The Bismuth Market is projected to grow at a CAGR of 4.47% during the forecast period, 2024-2032.
North America had the largest share of the Bismuth Market.
The key players in the Bismuth Market are 5N Plus(Canada), Omkar Specialty Chemicals Ltd. (India), Merck KGaA (Germany), Hunan Jinwang Bismuth Industry Co. Ltd (Hong Kong), Peñoles (Mexico), Nui Phao Mining Joint Venture Co. Ltd (Vietnam), Fortune Minerals Ltd (Canada), Xianyang Jump Hua Bismuth Industry Co. LTD (China), Zhuzhou Keneng New Material Co., Ltd.(China), Western Minmetals (SC) Corporation (China) and SHENZHEN CHINARY CO. LTD (China).
The Bismuth Oxide category dominated the Bismuth Market in 2023.
Pharmaceuticals hold the largest share of the Bismuth Market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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